The Partnership of Mick, Keith, and Charlie Has Been Dissolved

The partnership of Mick, Keith, and Charlie has been dissolved and is in the process of liquidation.On July 1, 2014, just before the second cash distribution, the assets and equities of the partnership along with residual profit sharing ratios were as follows: $$\begin{array} { l r l r } { \underline { \text { Assets } } } &&{ \text { Liabilities \& Equities } } \\\text { Cash } & \$ 200,000 & \text { Liabilities } & 150,000 \\\text { Receivables-net } & 50,000 & \text { Mick, Capital 50\% } & 100,000 \\\text { Inventories } & 150,000 & \text { Keith, Capital 30\% } & 175,000 \\\text { Equipment-net } & 100,000 & \text { Charlie, Capital 20\% } & 75,000 \\{ \text { Total assets } } & \underline { \$ 500,000 } & \text { Total Lia \& Equity } & 500,000 \\\hline \hline\end{array}$$ Assume that the available cash is distributed immediately, except for a $25,000 contingency fund that is withheld pending complete liquidation of the partnership.How much cash should be paid to each of the partners?
Mick Keith Charlie

A) $87,500 $52,500 $35,000
B) 12,500 7,500 10,000
C) - 0 - 25,000 - 0 -
D) - 0 - 15,000 10,000